Such a mode of settlement is a great advance on leaving differences to be settled by an industrial war--a strike or lock-out.

The Boards will still be needed, just as arbitration tribunals will be required to settle specific disputes between nations.

The aim in both cases is to substitute arbitration for war (or its equivalent) or threats of war.

Something more is aimed at in the establishment of Industrial Councils.

They contemplate a "continuous and constructive co-operation of Capital and Management on the one hand and Labour on the other." They are not tribunals for the settlement of disputes which have arisen, but joint committees which can discuss and propose methods of dealing with any question affecting working-conditions generally, e.g., the introduction of new machinery and its effect on employment and the status as well as the wages of the workpeople, and even its economic effect generally.